Press release
Animal Feed Market to Reach $961.2 Billion by 2030-Exclusive Report by Meticulous Research®
According to a new market research report titled 'Animal Feed Market by Type (Compound Feed, Feed Concentrate, Roughages), Source (Plant, Animal, Novel Sources), Form (Dry (Pellets, Crumbles), Wet), Animal Type (Poultry, Ruminants (Beef Cattle, Dairy Cattle), Swine, Aquaculture), and Geography-Forecast to 2030, the animal feed market is projected to reach $961.2 billion by 2030, at a CAGR of 4.6% during the forecast period 2023-2030.Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5393
Animal feed is a formulated mixture of ingredients intended to provide the necessary nutrients and energy for the proper growth, development, productivity, and maintenance of animals. Animal feed is an integral part of modern animal husbandry and is used for a wide range of animals, including poultry, ruminants, swine, aquatic animals, and pets at different stages of their life. Increasing economic development and urbanization drive the demand for meat, dairy, and other livestock products.
To meet the rising demand for meat and other animal products, animal farming is rapidly increasing globally. Consequently, the livestock sector has become increasingly industrialized in recent years. Industrial systems have significantly improved agricultural productivity and increased meat and dairy output. Large herds reared for meat and dairy products require high-quality, nutritious feed for proper growth and development, creating a strong demand for animal feed. Feed provides animals with the necessary nutrients, promotes growth and good health, and contributes to sustainable and efficient livestock production. The increasing commercialization of the livestock sector and rising livestock populations are driving the growth of the animal feed market.
In recent years, the global animal feed market has witnessed several product launches, expansions, mergers & acquisitions, and partnerships, agreements, and collaborations. The key players operating in the global animal feed market are Charoen Pokphand Foods PCL (Thailand), New Hope Liuhe Co., Ltd. (China), Cargill, Incorporated (U.S.), Brf S.A. (Brazil), Tyson Foods, Inc. (U.S.), Nutreco N.V. (Netherlands), Archer-Daniels-Midland Company (U.S.), Alltech Inc. (U.S.), ForFarmers N.V. (Netherlands), De Heus Animal Nutrition (Netherlands), Royal Agrifirm Group (Netherlands), and Guangdong HAID Group Co., Ltd. (China).
The global animal feed market is segmented by type, source, form, animal type, and geography.
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Key Findings in the Global Animal Feed Market Study:
Based on type, the global animal feed market is segmented into compound feed, feed concentrates, and roughages. In 2023, the compound feed segment is expected to account for the largest share of the global animal feed market. However, the feed concentrates segment is projected to register the highest CAGR during the forecast period. The rapid growth of this segment is mainly attributed to increasing demand for specialized diets for animal feed and increasing farmers' awareness about the specific nutritional needs of their animals.
Based on source, the global animal feed market is segmented into plant-based, animal-based, fodder & DDGS, and novel sources. In 2023, the plant-based segment is expected to account for the largest share of the global animal feed market. The large market share of this segment is attributed to the abundant availability of raw materials, widespread acceptance of plant-based animal feed, and low cost of plant-based feed sources. However, the novel sources segment is projected to register the highest CAGR in the global animal feed market during the forecast period of 2023-2030.
Based on form, the global animal feed market is segmented into dry feed and wet feed. In 2023, the dry feed segment is expected to account for the larger share of the global animal feed market. The large share of this segment is attributed to convenience for handling, storage, & transport and, longer shelf life, less cost, nutrient stability, controlled feeding, higher nutritional density, and bulk purchase. Moreover, this segment is also expected to register the highest CAGR during the forecast period of 2023-2030. The rapid growth of this market is mainly attributed to increasing demand from the poultry sector and an increase in commercial livestock production.
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Based on animal type, the global animal feed market is segmented into poultry, ruminants, swine, aquaculture, and other types. In 2023, the poultry segment is expected to account for the largest share of the global animal feed market. The large share of this segment is attributed to increasing demand for poultry meat-based products, lower-cost poultry meat, increasing poultry expansion projects, and a shift in customer taste toward white meat rather than red meat. However, the aquaculture segment is projected to register the highest CAGR during the forecast period of 2023-2030. The rapid growth of this segment is mainly attributed to increasing aquaculture production, demand for a nutritious diet for the proper growth and development of aquaculture species, and rising consumption of fish and fish-based products.
Based on region, the global animal feed market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, Asia-Pacific is expected to account for the largest share of the global animal feed market. Asia-Pacific's major market share is attributed to the increased consumption of meat and other animal products by a growing population, high milk production, the growth of the livestock farming industry in the region, and the presence of major animal feed producers in Asia-Pacific.
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth.
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